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AvalonBay price target raised to $222 from $210 at Wells Fargo

Wells Fargo analyst James Feldman raised the firm’s price target on AvalonBay to $222 from $210 and keeps an Overweight rating on the shares. The firm views AvalonBay as a good option to add REIT exposure due to portfolio quality in submarkets with below avg supply but above avg rent growth; incremental growth from development; strong balance sheet; and track record of capital allocation.

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